Ollie's Acquires 40 Former Big Lots Store Leases
Deal News | Feb 27, 2025 | Globenewswire
Ollie's Bargain Outlet Holdings, Inc. has announced the acquisition of 40 former Big Lots store leases from Gordon Brothers. This acquisition is pending final approval from the bankruptcy court and involves customary closing conditions. With these additional store leases, Ollie's has acquired a total of 63 former Big Lots store locations. The CEO of Ollie's, Eric van der Valk, emphasized that these acquisitions align with the company's growth strategy, presenting favorable lease terms and locations within existing markets. The company plans to adjust its new store openings to prioritize these acquisitions in a strategic manner, aiming to exceed its annual growth target and open approximately 75 new units in 2025. Ollie's is currently the largest retailer of closeout merchandise in the U.S., operating 568 stores in 31 states. The press release highlights several forward-looking statements and potential risks, including economic conditions, consumer demand changes, and supply chain challenges, which could impact the company's performance.
Sectors
- Retail
- Closeout Retail
- Bankruptcy and Restructuring
Geography
- United States – Ollie's Bargain Outlet operates across 31 states in the U.S., and the newly acquired store leases are former locations of U.S.-based Big Lots.
Industry
- Retail – The article discusses the acquisition of retail store leases, involving the expansion of brick-and-mortar retail operations.
- Closeout Retail – Ollie's Bargain Outlet is specifically a retailer that specializes in offering brand name products at bargain prices, typically sourced from excess inventory and closeouts.
- Bankruptcy and Restructuring – The acquisition involves store leases previously owned by a bankrupt entity, Big Lots, highlighting the sector of dealing with distressed assets and restructuring opportunities.
Financials
- 40 store leases – The number of former Big Lots store leases acquired by Ollie's in this transaction.
- 63 total acquired – The total number of former Big Lots store leases acquired by Ollie's to date, including this transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ollie's Bargain Outlet Holdings, Inc. | Acquirer | Company | A major U.S. retailer specializing in closeout merchandise and excess inventory. |
| Big Lots | Seller | Company | A discount retail chain that has closed these particular locations, leading to the sale of their leases during bankruptcy. |
| Gordon Brothers | Facilitator | Company | A firm known for handling distressed assets, including the sale of these Big Lots store leases. |
| Eric van der Valk | President and CEO | Person | CEO of Ollie's Bargain Outlet, leading the company's growth and acquisition strategy. |